BUYING a Home

THE HOMEBUYING PROCESS

Learn and define your needs, desires and goals as a buyer, and help determine your most important considerations in selecting a home
Give you information about agency choices and services available to you
Organize the home buying process, guide you through it and save you time
Search for the right home, always accompany you to property showings and represent your interests
Explore all financing possibilities with you and provide you with a list of lenders
Provide you with a comparative market analysis to make an informed purchase decision
Disclose all known information about properties and areas that interest you
Assist in preparing offers, strategize your offer to the seller, and negotiate on your behalf
Ensure confidentiality of your personal client information
Monitor the closing process step-by-step, and make sure you're always informed
Provide lists of inspectors to review the condition of the property
Act as your advocate in the most professional manner possible
Treat all parties fairly and honestly



 

THE HOMEBUYING PROCESS

1. Meet with a loan officer
By sharing income and other family financial information, you will know the price range for which you are qualified.
You will learn of the many loans available to buyers in today's market
Obtain a pre-approval letter
Obtain a truth in lending letter explaining the costs of borrowing money
Learn about closing costs

2. Begin viewing homes with your realtor
When possible, all decision-makers should visit the various homes
Always be candid with your realtor -- it will help them understand your particular needs and desires and enable them to select homes you'll want to see

3. Prepare the offer
Your realtor will provide you with a comparative market analysis on the property or properties of your choice in order to assist you in making an informed decision
Your realtor will go through the contract with you and complete your offer
Negotiations will proceed until both buyer and seller agree on all terms and sign
All documents will be sent to the title company where title commitment and property tax information ordered

4. Make your loan application
Give your loan officer a copy of the contract and apply for the loan

5. Inspect the property
Select an inspector and arrange for both a general inspection and wood-destroying insect inspection
Your realtor also can provide information about other environmental assessments

6. Appraisal and survey of the property
The lender and title company will make arrangements for the property appraisal and survey
Buyer will be provided a copy of the Title Commitment Letter
Buyer will make arrangements for homeowner's (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company

7. Arrange property closing
Buyer receives a copy of the closing statement for review prior to closing
Buyer does a final walk-through inspection of the property
The realtor arranges a closing date and time with the buyer and title company; seller's closing is also arranged
Buyer brings a cashiers check for all closing costs and the balance of the down payment

After the closing
Documents are sent to the buyer's loan company for approval and funds are disbursed
The title company receives and funds all money from the loan company; payment of any accrued expenses in connection with the closing are due including taxes, attorney's fees, professional real estate fees and title company fees
Legal documents will be recorded in the office of the county clerk and mailed to the buyer
Title company prepares and issues the title policy, and sends it to the loan company and new home owner.